The CFPB celebrated its 4th birthday today, July 21st, 2015. In connection with this celebration, they issued an announcement highlighting all they’ve done over the past four years to help consumers (CFPB4U). Quite a bit but at what cost?
Although CFPB may have benefited many consumers at varying levels, have they also hurt some in other areas? I can’t speak to all areas monitored and governed by the CFPB, but I can speak to mortgage lending.
Has CFPB’s interpretation of Dodd-Frank, and all other federal laws covering mortgage lending, coupled with their methods for review and enforcement, hindered lenders and made it more difficult for some consumers to obtain home financing? This is something I think may be argued for quite some time.
Regardless, the fact that CFPB’s birthday falls between June 21 and July 22 puts them under the zodiac sign of a Cancer. I don’t know if that has any significance, but I’ll bet it does to many banks and mortgage lenders.
Many returns of the day.